Educational Station: The last few years of economic turmoil are forcing more high school students to prioritize financial literacy.

The pandemic has exacerbated student loan debt, prompting college-bound students to look for more cost-effective ways to pay for tuition.

Ohio, USA. Many of us are familiar with the burden of student loans. Student debt has been exacerbated by the economic impact of the pandemic, making financial literacy more important for young people, especially those heading to college.

In 2021, the number of states requiring high school students to study financial literacy has grown to 23. Ohio is one of them. Financial literacy is the personal knowledge needed to manage your money properly, such as budgeting, saving, accumulating wealth, and avoiding debt. This last one can be difficult for college students.

“Loans should always be viewed as a last resort,” says Michael Collins, director of financial aid at Case Western Reserve University.

“My mother went to school. She studied hard and is still in debt. I don’t want that for myself,” says John Hay High School alumnus Noah Hill, who plans to attend college in the fall.

As COVID causes financial distress and inflation, today’s high school students going to college are looking to pay their tuition in the most economical way. Experts say the first rule is to find as much free money as possible. The free federal student aid app is a good start.

“Filling out the FAFSA is probably the best thing you can do. Thinking about grants from the federal government, and Ohio has grants, scholarships, try to get whatever you can,” says Collins.

It can also be a lucrative search for dollars in your chosen field or in your community, such as asking churches, local businesses, or even an employer if they offer scholarships.

“This will most likely require a lot of submissions, but the more applications you submit, the higher your chances of getting something and the higher your chances of getting multiple results,” says Collins. “Honestly, a lot of scholarships don’t get used because there just aren’t enough students for them.”

But there are certainly enough students who apply for loans. Student loan debt in the US is over $1.675 million, with each of the 48 million borrowers having about $38,000 in debt.

“I have completed my FAFSA, I have applied for the Say Yes Scholarship offered here in Cleveland by CMSD, as well as any other scholarship that I could apply for. Now that you’ve told me about the types of grants, I’m applying for them too,” Hill says.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button